Finding a business partner

[icesar]

It's clear to me that the way to move forward in my business is to find a partner, but I have no idea how to go about it. I'm looking for someone who's strengths complement my own, who has similar goals, and who has the time.

What holds me back is that I don't have $$ to offer, my business is still in it's early stages, and my friends and acquaintances have regular jobs. How do you find a business partner?

[Thomas Jensen]

Well what kind of business are you planning to go into?

What qualities do you need in a business partner?

[mustard76]

Originally Posted by icesar

How do you find a business partner?

One word: networking...

I told everyone I knew about my business idea and had lunch with everyone they knew who might be interested in the business for any reason. Also, I hit networking events in my area that attract entrepreneurs. I live in Boston so there are many. Then, I worked to maintain relationships with the most interesting people I met.

My goal was to forge business relationships and eventually find a business partner. Finding a business partner is like dating. You need to spend enough time on it to find the right partner for you and your business.

It took a long time (more than a year) but eventually I found a partner.

If you are uncomfortable with the idea of deliberate networking, you can find a ton of useful info on the net to help you get started.

[norbert]

Originally Posted by icesar

who has similar goals, and who has the time.

..and wants to put that time in. I'm in a similar situation. In fact, I've had a partner with a very similar mindset and attitude as mine and we were willing to sacrifice some of our goals and free time to help the other pursuing his individual goals. Basically it was some kind of unconditional mutual service. Now that I experienced that somebody might be interested in working with me so tightly on all of my projects, I find it uncomfortable to work with another person on each one. Also, I don't find the mindset I'm looking for.

Originally Posted by icesar

What holds me back is that I don't have $$ to offer, my business is still in it's early stages, and my friends and acquaintances have regular jobs.

That's how a business looks like in the beginning and there's nothing wrong with it. Most people are convinced they need a regular job but more and more are waking up these days. My partner has left the university to build some companies with me instead.

Originally Posted by icesar

How do you find a business partner?

I guess you need to meet more people until you bump into one? I don't see any other options.

I think I'm not looking for any specific skill but a mindset. I'm looking for somebody who wants to work with me throughout the years to build our empires and puts in whatever is necessary and expects the same in return.

[Baldini]

I have similar problems. I'ts hard to find someone who has the same burning desire as yourself. You are maybe having the same goals as your partner in the start, but life is not static, and its hard to expect two persons continuing having the same vision in the long-term. Maybe it is possible, if the goal is powerfull enough.

[norbert]

Originally Posted by Baldini

Maybe it is possible, if the goal is powerfull enough.

A common childhood dream sounds like that

[Dani]

volunteer.

I have picked up at least 5 business partners for different ventures that way.

I saw them doing something I was interested in, so I offerred to help them out for nothing.

Doing that will earn you trust, and you get a chance to get to know them with no obligations to continue after you have helped.

Often you don't need to ask to become a partner, they will ask you, or it just 'happens'. I.e. you become such an integral part of the company that it is obvious that you need to stay.

[dgorila1]

Do you really need a partner. Are there certain areas you are weak in you can outsource (i.e. bookkeeping, etc)? My point being its always better to own a business yourself if at all possible. Makes decision making, company direction, etc much easier and allows you full control.

[Baltar]

Originally Posted by dgorila1

Do you really need a partner. Are there certain areas you are weak in you can outsource (i.e. bookkeeping, etc)? My point being its always better to own a business yourself if at all possible. Makes decision making, company direction, etc much easier and allows you full control.

You make good points, but having a partner is very different from outsourcing or having the work done by employees. A true partner is someone who cares just as much about the business as you, and puts the same amount of effort and passion into it. Plus it's probably a lot more fun to work with someone like that than by yourself.

As far as decision making and company direction, it can be decided in advance which one of you is going to have the final say in decisions. This is especially important when more than two partners are involved. There always has to be one person who gets to have the final word, otherwise it's impossible to run a business in the long term.

That said, once a company is established it's common for partners to break up and go their separate ways, where one of the partners remains in control of the company. Apple and Microsoft are good examples.

[Liara Covert]

Hi icesar.

No matter what business you choose to launch, since you're interested in learning more about business partners, I highly recommend "Mentored by a Millionaire: Master Strategies of Super Achievers" by Steven K. Scott

He covers 15 points which help to explain his own business success, including how to evaluate prospective business partners. This book is entertaining and reminds you that making mistakes and learning from them is a key component to creating your own business success. For the first 10 years of his working life, Steve hadn't held down any job for more than 9 months and his salary was still below many entry level salaries. Read about his engaging learning process and find out how he rose above this.

"There are two ways of meeting difficulties: You alter the difficulties or you alter yourself to meet them.” -Phyllis Bottome